Global travel retirement

Snail_mail

Greetings Everyone,

I hope this is the right place for this post, if not, please forgive this newbie and advise the correct category, thank you.

I have thoughts about leaving the UK for good and travelling the world later this year when I retire. I need to first sort out my finances of course, which will comprise my state pension and the money generated from selling my home and all assets. So the question is, what kind of financial advisor do I need to speak to, or are they all able to help with this scenario?

Many thanks.

Mark_d

Interesting question.  I don't think it will be easy to find an adviser who specialises in niche products for people with no permanent home country.

https://www.moneyhelper.org.uk/en - These people might be able to help with specific areas

A bank like Revolut might be able to help with most of your financial needs however I expect pensions to be an issue.  Assuming Revolut would suit your needs on a day-to-day basis, you could then look for information on getting you pensions paid in to your Revolut account, noting that you would not have a fixed country.

I wonder if you have a fried/relative, with a fixed address anywhere in the world, which you could use as a permanent address for correspondence?

MEM62

Snail_mail said:

I need to first sort out my finances of course, which will comprise my state pension and the money generated from selling my home and all assets. So the question is, what kind of financial advisor do I need to speak to, or are they all able to help with this scenario?

Two questions spring to mind, firstly, will you remain resident in the UK for tax purposes and, if not, where?  Secondly, what is it that you want the advisor to do for you?  

MallyGirl

I have certainly seen mention of challenges with accessing pensions if money is not going into a UK bank account. It would be worth retaining one if you can

hugheskevi

How long do you think you would be away for? As you get increasing older the attractions of the NHS compared to the cost of private insurance become increasingly compelling - especially once even getting insurance can be challenging (this is a key point and should be carefully researched in planning). What is your very long term plan for very old-age? Might it be preferable to rent the house out so that you have somewhere to return to?

Would you plan to stay in one country for a very long time, eg, 6+ months? If not, then there are unlikely to be any particular special arrangements needed. Would the travel restrictions about the restricted time in EU countries be an issue for you?

The above determines how you will want to invest your assets, which is what an advisor can help with but you will need to give thought to your financial goals for the remainder of your life for the advisor to be able to draw up a plan. You may well be able to do that yourself, depending on the amounts involved.

Logistics of long-term travel these days is very straightforward. There are many companies who will provide an address and mail scanning service, and similarly many companies you can upload a letter to who will print and post it. Dual SIM phones take care of having a local and a UK number. It is just like being at home. Actually receiving telephone calls from businesses on a UK number is one of the harder things due to roaming costs, but that is quite rare (SMS codes are more common, and that is fine). For everything else there is Whatsapp or Skype.

Many banks offer great travel arrangements, my preferred combination for an 18 month trip was Starling and Chase for current accounts, Barclaycard Rewards and Halifax Clarity for credit cards. Most financial arrangements (eg savings, investments, etc) can be managed remotely - although replacing cards would be difficult so ensure long expiry dates (although it may well be possible to put a card into Google Wallet without having the physical card).

Snail_mail

Thanks for your replies guys.

Mem62 - I anticipate (rather than plan) to travel for one or two years, staying for perhaps one or two months in a country or region depending on how I feel about that location, the people etc. After that I would hope to have found somewhere that I can call home. At the moment I'm torn between South America (Panama and Colombia)  and SE Asia (the Philippines, Thailand, Vietnam and Cambodia) . My preference is for good weather, friendly people, low cost of living and decent medical care. I know that nowhere will be perfect, but people do find places that are relatively perfect for them, often based largely on how they feel about the place and/or the people. The financial advisor's advice would be primarily to maximise a passive income from the sale of my assets and to ensure I have access to money for emergencies, and to advise on tax etc. I'll also need to set up a Power of Attorney. Unfortunately, I'm unable to rent-out my property, as I had to have a Lifetime Mortgage to buy it (just three years ago) and the terms and conditions prevent it. I had intended on retiring in the UK in my current property, but have since changed my mind.

Marcon

Snail_mail said:

Thanks for your replies guys.

Mem62 - I anticipate (rather than plan) to travel for one or two years, staying for perhaps one or two months in a country or region depending on how I feel about that location, the people etc. After that I would hope to have found somewhere that I can call home. At the moment I'm torn between South America (Panama and Colombia)  and SE Asia (the Philippines, Thailand, Vietnam and Cambodia) . My preference is for good weather, friendly people, low cost of living and decent medical care. I know that nowhere will be perfect, but people do find places that are relatively perfect for them, often based largely on how they feel about the place and/or the people. The financial advisor's advice would be primarily to maximise a passive income from the sale of my assets and to ensure I have access to money for emergencies, and to advise on tax etc. I'll also need to set up a Power of Attorney. Unfortunately, I'm unable to rent-out my property, as I had to have a Lifetime Mortgage to buy it (just three years ago) and the terms and conditions prevent it. I had intended on retiring in the UK in my current property, but have since changed my mind.

Talk to your provider, explain your plans and see if there is any chance of flexibility. Otherwise be aware of the issues you could have getting insurance while you are away.

Also worth checking out if you'd continue to benefit from rises in your state pension while living outside the UK: https://www.gov.uk/state-pension-if-you-retire-abroad/rates-of-state-pension